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Design efficiency reviews are currently being undertaken on all 2020 developments with savings expected to materialise in 2021.

Tonkiss said: “The build initiative continued to drive improvements to the build process during the year, to accelerate build timescales, reduce build costs and enhance margins.

“This resulted in build cycle time reduction from 14.4 months in FY17 to 13.9 months in FY18.”

He added: “Specific focus has been placed on improving our material procurement practices through increased framework agreements and we have plans to introduce stronger competitive tendering processes, particularly for our subcontractors.”

Tonkiss said McCarthy & Stone had introduced a new product management platform with technical specification libraries fully established to improve the value engineering around such areas as foundations, balconies, wall structures.

He said: “This will create a strong foundation for our build cost reduction workstream within our new strategy.”